Loan options
Start with what you want to do. Each page explains who the loan fits, the rules that matter and how it compares. Your Mortgage Plan then puts the ones that fit side by side with your numbers.
Buy a home
Loans for a home you will live in, from no money down to loans above the conforming limit.
If you qualify for a VA loan, it is often the best mortgage available to you. VA loans have no down payment, no monthly mortgage insurance, typically the lowest rates, limited closing costs and flexible qualifying.
- VA purchaseOften the best option for veterans who qualify: no down payment, no monthly mortgage insurance
- Fannie Mae conventionalThe most common mortgage
- Freddie Mac conventionalThe other conventional standard, from Freddie Mac
- HomeReadyFannie Mae, low down, reduced mortgage insurance
- Home PossibleFreddie Mac, low down, reduced mortgage insurance
- FHA purchaseFlexible credit, small down payment
- USDA purchaseEligible rural areas, no down payment
- Jumbo loansLoans above the $832,750 conforming limit, with stricter rules
- First-time buyersWhich loan fits your first home
- Down payment assistanceHelp with the down payment: usually a second loan, sometimes a grant
Build or renovate
Loans that pay for building a home, or for repairs and upgrades, together with the purchase.
- Single-close constructionBuild a home with one loan and one closing: conventional, FHA, VA or USDA
- HomeStyle RenovationFannie Mae, repairs in one loan
- CHOICERenovationFreddie Mac, repairs in one loan
- FHA 203(k)FHA purchase plus repairs
- VA rehabVA purchase plus repairs
- USDA rehabUSDA purchase plus repairs
- Escrow holdbacksClose on time when some work has to wait, such as for winter weather
Refinance
Replace the loan you have to change the rate, the term or the loan type. Cash-out refinances are under Use your equity.
Use your equity
Turn part of your home’s value into cash, with a cash-out refinance or a line of credit beside the mortgage you keep.
Self-employed and investors
Loans that count income from bank statements or 1099 forms when tax returns do not show what you earn, and rental loans qualified on the rent.
These loans usually cost more than agency loans. We figure your income the agency way first, and for a rental we compare a conventional investment loan when your tax returns support one.
Not sure which loan fits?
Tell us what you want to do. Your Mortgage Plan puts the loans that fit your situation side by side, with your numbers: payment, cash to close and cost over time.